Business Strategies

S.M.A.R.T. Goals

Specific goals that are clear

Measure of success that everyone can understand

Attainble goals to ensure that they can be achieved

Relevant goals to ensure it is meaningful and contributes to the mission

Time-based goals to track progress

Target Market

Demographic: Types of people that are buying (e.g. gender, age, race, income levels)

Psychographic: The buyers interests, why they would buy (e.g. lifestyle, social class, personality)

Usage related/Behavioral: Timing of launch (trends, season) and life cycle of product when the product is favourable in the market

S.W.O.T Analysis

Strengths: Product, process, cost, unqiue

Weaknesses: Features lacking in product, limitations

Opportunities: Trend, better technology coming, chaning buying habits of consumers

Threats: New competitors, competitors gaining more market shares, change in legislation, PESTLE (Political, Economic, Social, Technological, Legal, Environmental)

Strategy Canvas

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4Ps

Product: How the product is different from others in terms of quality, quantity and intellectual property protection

Place: Product's channel of distribution or how it is conveyed from producer to end user

Promotion: Communicating product's attributes and coporate image to sellers and end users

Price: Ensure that it can cover costs and generate sales with strategies like penetration pricing, fair/parity pricing, skimming pricing and cost-plus pricing

Green Strategies

Create greener products like using recycled materials or resources that has lower carbon footprint

Have a recycling or waste reduction programme and actively encourage consumers to participate

Choose sustainable packaging to ensure not a lot of materials is used unnecessarily

Be an environment advocate by adopting or partnering with organisations that advocates going green

Create green campaigns to reach out to the public and teach them about being sustainable